Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Discontinued Operations

v3.5.0.2
Note 9 - Discontinued Operations
 9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
9
.
Discontinued Operations
 
The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment: (1) subsidiaries divested in 2011 and prior, (2) two previously closed locations, and (3) our PFSG facility which is currently undergoing closure, subject to regulatory approval.
 
The following table presents the major class of assets of discontinued operations as of September 30, 2016 and December 31, 2015. On May 2, 2016, Perma-Fix of Michigan, Inc. (“PFMI” – a closed location) entered into an Agreement for the sale of the property (which was held for sale as of December 31, 2015) for a price of $450,000. The Agreement provides for a down payment of approximately $75,000. After certain closing and settlement costs, PFMI received approximately $46,000. The Agreement also provides for, among other things, the balance of the purchase price of $375,000 to be paid by the buyer in 60 equal monthly installments of approximately $7,250, with the first payment due June 15, 2016. No assets and liabilities are held for sale as of September 30, 2016.
 
   
September 30,
    
December 31,
  
(Amounts in Thousands)
  
2016
    
2015
  
Current assets
 
 
 
 
 
 
 
 
Other assets
   $ 86       34  
Total current assets
     86       34  
Long-term assets
 
 
 
 
 
 
 
 
Property, plant and equipment, net
(1)
     81       531  
Other assets
     286       —  
Total long-term assets
     367       531  
Total assets
  $ 453     $ 565  
Current liabilities
 
 
 
 
 
 
 
 
Accounts payable
   $ 53     $ 85  
Accrued expenses and other liabilities
     395       437  
Environmental liabilities
     29       9  
Total current liabilities
     477       531  
Long-term liabilities
 
 
 
 
 
 
 
 
Closure liabilities
     115       173  
Environmental liabilities
     871       891  
Total long-term liabilities
     986       1,064  
Total liabilities
  $ 1,463     $ 1,595  
 
(1)
net of accumulated depreciation of $10,000 for each period presented.
 
The Company’s discontinued operations incurred losses of $191,000 and $377,000 for the three months ended September 30, 2016 and 2015, respectively (net of taxes of $0 for each period) and losses of $622,000 and $1,313,000 for the nine months ended September 30, 2016 and 2015, respectively (net of taxes of $0 for each period). Losses for the nine months ended September 30, 2015 included a penalty in the amount of approximately $201,000 recorded for PFSG in the second quarter of 2015 in connection with a certain Consent Order from the Georgia Department of Natural Resources Environmental Protection Division and an asset impairment charge of $150,000 recorded for PFMI in the second quarter of 2015 in connection with the sale of property as discussed above. Remaining losses for the periods discussed above were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations. The Company’s discontinued operations had no revenues for each of the periods noted above.